The Tunisian company of Iron and Steel Industry, EL FOULADH, has published its financial statements as of December 31, 2021 as they will be submitted for approval to the Ordinary General Assembly to be held on February 15, 2023.
The state-owned company, which has been accumulating losses for years, showed a net deficit of 25.9 million dinars in 2021, against a record loss of 44.8 million in 2020. The company thus brings its cumulative losses to nearly 400 million dinars.
The public company has achieved a turnover of about 167 million dinars at the end of the year 2021, against 164.8 million a year earlier, a slight growth of 1%.
As for operating expenses, they have declined significantly from 174.5 million dinars to 152.7 million, down about 12.5%.
This decline is due mainly to the negative change in inventories by 3.3 million dinars, against a positive change of 21.7 million in 2020.
To this end, the operating result posted a surplus of 14.4 million dinars, against a negative result of 9.2 million in 2020.
However, the company was strongly penalized by the burden of net financial expenses which reached 41.6 million dinars, against 31.9 million dinars in 2020.